MetLife Inc, is “fully committed” to growth of its Indian life insurance joint venture unit, a top official said.
“As a shareholder and a partner in this joint venture, we are fully committed to the growth and success of PNB MetLife,” said Chris Townsend, President Asia, MetLife Inc.
“We believe that with the combination of PNB’s extensive network and our global strategy supporting its ambitions, PNB MetLife is well positioned to capture the opportunities in this fast-growing market,” he said.
His remark is significant as it comes amidst speculation that MetLife Inc was looking to exit the market. However, sources said that MetLife may actually increase stake in PNB MetLife from the current 26 per cent to 49 per cent, the maximum allowed under the new FDI limits for the insurance sector.